Sales Down, Prices Up - What does it mean?
Today's local paper carried this story:
Manatee home market cooling off
JOHN SIMPSON
Herald Staff Writer
"MANATEE - Even though 52 percent-fewer single-family homes were sold in Manatee County in June than a year ago, the median price stubbornly pushed upward, hitting $327,000.
"I think we will end up with a 12- to 15-percent appreciation in single-family prices - compared to the 25- to 30-percent appreciations in 2005," Dale Friedley of the Manatee County Property Appraiser's office said Friday in his release of the latest sales figures.
"Local real estate agents called the report confirmation that the market has returned to a more normal tempo, even though they have some concerns.
Continue reading the article at:
http://www.bradenton.com/mld/bradenton/15096943.htm
How can we be in a strong buyer's market and have rising prices? It isn't supposed to work that way.
Here's what's happening. The figures supplied by the County Property Appraiser's office includes new construction as well as re-sales. Take in account the "incentives and kick-backs" the builders are building into the sales price and the picture is a bit different.
For example, every month I produce a report of our re-sale activity as reported through our local Multiple Listing Service. The numbers show that the median sale price has actually pulled back to the same level as it was in 2005 and about 8 percent below the high of 2005.
If you are thinking of selling don't think you can add 10 percent to last year's value. Buyer's just won't pay that today. You can see that by all the for sale signs the linger for months and months.
My partner and I are experts in the local market. We know what's happening in your neighborhood and would be happy to consult with you.
-Dan Forbes
Manatee home market cooling off
JOHN SIMPSON
Herald Staff Writer
"MANATEE - Even though 52 percent-fewer single-family homes were sold in Manatee County in June than a year ago, the median price stubbornly pushed upward, hitting $327,000.
"I think we will end up with a 12- to 15-percent appreciation in single-family prices - compared to the 25- to 30-percent appreciations in 2005," Dale Friedley of the Manatee County Property Appraiser's office said Friday in his release of the latest sales figures.
"Local real estate agents called the report confirmation that the market has returned to a more normal tempo, even though they have some concerns.
Continue reading the article at:
http://www.bradenton.com/mld/bradenton/15096943.htm
How can we be in a strong buyer's market and have rising prices? It isn't supposed to work that way.
Here's what's happening. The figures supplied by the County Property Appraiser's office includes new construction as well as re-sales. Take in account the "incentives and kick-backs" the builders are building into the sales price and the picture is a bit different.
For example, every month I produce a report of our re-sale activity as reported through our local Multiple Listing Service. The numbers show that the median sale price has actually pulled back to the same level as it was in 2005 and about 8 percent below the high of 2005.
If you are thinking of selling don't think you can add 10 percent to last year's value. Buyer's just won't pay that today. You can see that by all the for sale signs the linger for months and months.
My partner and I are experts in the local market. We know what's happening in your neighborhood and would be happy to consult with you.
-Dan Forbes
posted by Dan Forbes at
11:22 AM
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